2015 california economic & market forecast october 9,2014 expo - anaheim convention center...

2015 CALIFORNIA ECONOMIC &

MARKET FORECASTOctober 9,2014EXPO - Anaheim Convention CenterLeslie Appleton-Young, Vice President & Chief Economist

AS I WAS SAYING…

FORECAST REPORT CARD

NOTE: Average FICO score for 2014 is based on data from January 2014 through August 2014Forecast Date: October 2014 vs. October 2013SERIES: CA Housing Market OutlookSOURCE: CALIFORNIA ASSOCIATION OF REALTORS®, Ellie Mae

SFH Resales (000s)

% Change

Median Price ($000s)

% Change

30-Yr FRM

Housing Affordability Index

FICO Score

U.S. Gross Domestic Product

2013 Actual

414.3

-5.8%

$407.2

27.5%

4.0%

36.0%

738

1.9%

2014 Forecas

t

444.0

3.2%

$432.8

6.0%

5.3%

28.2%

--

2.8%

2014 Project

ed

380.5

-8.2%

$455.0

11.8%

4.3%

30.0%

726*

2.2%

HOUSING FUNDAMENTALS ARE POSITIVE

• Mortgage rates are low & lending is loosening up a bit

• Affordability is still good and price gains are slowing

• Foreclosure & delinquency rates are low & distressed sales are less than 10% of the market

• Investors are leaving creating more opportunity for buyers needing financing

• Overall homeownership rate has stabilized• International demand for housing in CA still strong• Construction is up – residential and non-

residential

ECONOMIC FUNDAMENTALS ARE BETTER • Economic growth is accelerating• Unemployment rate 5.9% - lowest since

?• 248,000 new jobs in Sept• Construction jobs +230,000 in last 12

months

BUT...DEMOGRAPHICS AS DESTINY?

• Affordability is worsening • Homeownership rate for 18-34 - year-olds still falling• Household formation is VERY slow• Census: US added 476,000 HH v. 1.3 m HH prior 2

years• Majority of new households rent: “Renter Nation”• Millennials delaying “adulthood”: Getting married

later or not at all; Student loans; dim job prospects• Baby boomers delaying “retirement” and staying put

longer; they will love their loans when rates do rise• Inventory is better but still well below “normal”.

AND… FIRST TIME BUYERS FACE MANY OBSTACLES

• Lot’s of competition for existing housing stock

• Affordability constraints• Lack of a down-payment• Lack of information about the home-buying

process • Fear of financing: “I can’t qualify” • Job prospects/security still dim for many • Many who have jobs are under-employed

#1 TRANSACTIONS

CA HOME SALES: 1995 – 2014

20002001

20022003

20042005

20062007

20082009

20102011

20122013

2014 P -

100,000

200,000

300,000

400,000

500,000

600,000

700,000

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

-5.8%-8.2%

Sales Percent Change

SERIES: Sales of Existing Detached HomesSOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Units YOY % Chg

CA HOME SALES 2010 – 2014

California, Aug. 2014 Sales: 394,280 Units -10.1% YTD, -9.3% YTY

Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 -

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

*Sales are seasonally adjusted and annualized SERIES: Sales of Existing Single Family HomesSOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Aug-14: 394,280

Aug-13:434,910

WE’VE COME A LONG WAY:EQUITY SALES NOW 9 OUT OF 10 TRANSACTIONS

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%90.6%

4.9%

4.1%

Equity Sales Short Sale REO

SERIES: Distressed Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

DISTRESSED SALES: NORTHERN CA

Percent of Total Sales

Butte Humboldt Lake Shasta Siskiyou Sonoma Sutter Yolo Yuba0%

10%

20%

30%

40%

50%

60%

70%

6.9%10%

28%

14%18%

4.2%8.1% 6.2%

13%

28% 26%

65%

42%

31% 32%36%

Aug-14 Aug-12


DISTRESSED SALES: BAY AREA


Alameda Contra Costa

Marin Napa Solano Sonoma0%

10%

20%

30%

40%

50%

60%

2.5% 2.9% 1.8%4.5%

13%

4.2%

23% 22%25%

36%

60%

32%

Aug-14 Aug-12


DISTRESSED SALES: CENTRAL VALLEY


Fr G K M M PlSa

cSa

nSa

nSt

a Tu0%

10%

20%

30%

40%

50%

60%

70%

15%19%

10%15%

19%14%

7%12%

7%

14%12%

19%

47%

64%

47%51%

49%

59%

43%

52%

60%56% 57%

47%

Aug-14 Aug-12


DISTRESSED SALES: CENTRAL COAST


Monterey San Luis Obispo Santa Cruz0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

10%7.9% 7.0%

44%

30%28%

Aug-14 Aug-12


DISTRESSED SALES: SOUTHERN CA


Los Angeles Orange Riverside San Bernardino

San Diego0%

10%

20%

30%

40%

50%

60%

7.6%4.9%

11%14%

6.2%

36%

27%

52%49%

17%

Aug-14 Aug-12


CHANGE IN SALES BY PRICE RANGE

(Year-to-Year)

-60%-50%-40%-30%-20%-10%

0%10%20%30%40%50%60%70%

-28%

-0.2%

-6.5%-8.7%

-1.5%

$0 - $200k $500k+ $200 - $300k $300 - $400k $400 - $500k


INVENTORY IMPROVING FROM LAST YEAR August 2013: 3.0 Months; August 2014: 4.0 Months

Note: “Unsold Inventory Index” represents the number of months it would take to sell the remaining inventory for the month in question. The remaining inventory for the month is defined as the number of properties that were “Active”, “Pending”, and “Contingent” (when available) and divide the sum by the number of “Sold” properties for the month in question.

0

2

4

6

8

10

12

14

16

18

SERIES: Unsold Inventory Index of Existing Single Family HomesSOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

INVENTORY HIGHER AT UPPER PRICE RANGES

Note: “Unsold Inventory Index” represents the number of months it would take to sell the remaining inventory for the month in question. The remaining inventory for the month is defined as the number of properties that were “Active”, “Pending”, and “Contingent” (when available) and divide the sum by the number of “Sold” properties for the month in question.

Price Range (Thousand) Aug-14 Jul-14 Aug-13

$1,000K+ 5.0 4.7 4.6

$750-1000K 3.9 3.9 3.2

$500-750K 3.8 3.7 2.9

$300-500K 3.9 3.6 2.9

$0-300K 4.0 3.5 2.8

SERIES: Unsold Inventory Index of Existing Single Family HomesSOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

#2 HOUSING PRICES

1970

1972

1974

1976

1978

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

2014

P $-

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000 California US

CALIFORNIA VS. U.S. MEDIAN PRICES

1970-2014

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

SERIES: Median Price of Existing Single Family HomesSOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

CA HOME MEDIAN PRICE: 1995 – 2014

20002001

20022003

20042005

20062007

20082009

20102011

20122013

2014 P$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

27.5%

11.8%

Median Price Percent Change


Median Price

YOY % Chg

PRICE PLATEAU AHEAD; ANNUAL GAINS SLOWING

California, Aug 2014: $480,280, Up 8.9% YTY

Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 $-

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

SERIES: Median Price of Existing Single Family HomesSOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Aug-14: $480,280

Aug-13: $441,010

TROUGH VS. CURRENT PRICE

By Counties, August 2014

SERIES: Median Price of Existing Detached HomesSOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Region Trough Month

Trough Price

Aug-14 Median

%Chg Fr Trough

Santa Barbara Mar-09 $296,590

$806,030 171.8%

Monterey May-09 $203,500

$492,500 142.0%

Alameda Jan-09 $346,236

$732,220 111.5%

Lake Jun-11 $85,620 $178,330 108.3%

California Feb-09 $245,230

$480,280

95.8%

Santa Clara Feb-09 $445,000

$865,000 94.4%

Merced Jan-10 $96,670 $186,670 93.1%

Los Angeles May-10 $248,850

$474,640 90.7%

Tehama Feb-11 $83,330 $156,000 87.2%

Riverside Apr-09 $171,480

$318,640 85.8%




Region Trough Month

Trough Price

Aug-14 Median

%Chg Fr Trough

Kern (Bakersfield)

Apr-09 $115,000

$210,900 83.4%

Solano Feb-12 $179,020

$328,280 83.4%

San Mateo Jan-09 $551,000

$1,000,000

81.5%

Madera Jul-11 $92,500 $166,670 80.2%

San Benito Mar-12 $232,350

$415,000 78.6%

Amador Mar-12 $118,750

$211,110 77.8%

Napa Apr-11 $306,820

$541,670 76.5%

San Bernardino May-09 $120,410

$209,200 73.7%

Santa Cruz Feb-09 $380,000

$657,600 73.1%

Sacramento Jan-12 $162,290

$272,750 68.1%




Region Trough Month

Trough Price

Aug-14 Median

%Chg Fr Trough

Ventura Feb-09 $359,630

$602,060 67.4%

Tulare Apr-11 $111,600

$184,440 65.3%

Mendocino Jun-11 $181,430

$291,670 60.8%

San Francisco Jan-12 $561,270

$900,910 60.5%

Kings Jul-11 $114,290

$183,330 60.4%

Orange Jan-09 $442,170

$699,430 58.2%

Contra Costa Jan-12 $476,470

$750,000 57.4%

San Diego Mar-09 $326,830

$510,860 56.3%

Fresno Jan-12 $131,070

$203,760 55.5%




Region Trough Month

Trough Price

Aug-14 Median

%Chg Fr Trough

Sonoma Feb-09 $312,340

$484,640 55.2%

Placer Feb-12 $251,450

$388,720 54.6%

Marin Feb-11 $632,580

$977,460 54.5%

Siskiyou May-11 $85,000 $127,500 50.5%

Shasta Feb-12 $141,900

$212,500 49.5%

Tuolumne Jan-12 $147,140

$214,710 45.9%

San Luis Obispo Feb-11 $328,750

$475,000 44.5%

Butte Feb-12 $177,860

$255,000 43.4%

Humboldt Aug-12 $218,750

$255,260 16.7%

#3 MORTGAGE RATES & HOUSING

FINANCE

FORECASTS OF 30-YR FRM

2013 Project

ed

2013 Actua

l

2014 Foreca

st

2014 Project

ed

2015 Foreca

st

Fannie Mae 4.1% 4.0% 5.1% 4.2% 4.4%

Freddie Mac 4.1% 4.0% 5.0% 4.3% 4.7%

Mortgage Banker Association 4.1% 4.0% 4.9% 4.3% 5.0%

National Association of REALTORS® 4.2% 4.0% 5.3% 4.3% 5.1%

California Association of REALTORS® 4.1% 4.0% 5.3% 4.3% 4.5%

SOURCE: Fannie Mae, Freddie Mac, MBAA, NAR, Wells Fargo, CALIFORNIA ASSOCIATION OF REALTORS®

FORECASTERS HAVE BEEN EXPECTING RATES TO RISE

Percent

0

1

2

3

4

5

6

0

1

2

3

4

5

6

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Actual 10-year Treasury yield (solid black line)

Predictions out to five quarters ahead of professional forecasters (hatched lines)

Percent

SERIES: Loan Officer SurveySOURCE: Philadelphia Federal Reserve Survey of Professional Forecasters, Bloomberg

MORTGAGE RATES + 1% SPRING 2013ACTUAL TAPERING NO IMPACT

Jan-

05

Jul-0

5

Jan-

06

Jul-0

6

Jan-

07

Jul-0

7

Jan-

08

Jul-0

8

Jan-

09

Jul-0

9

Jan-

10

Jul-1

0

Jan-

11

Jul-1

1

Jan-

12

Jul-1

2

Jan-

13

Jul-1

3

Jan-

14

Jul-1

40%

1%

2%

3%

4%

5%

6%

7%

8% FRM ARM Federal Funds

SERIES: 30Yr FRM, 1Yr ARM, Federal FundsSOURCE: Federal Home Loan Mortgage Corporation

U.S. DEPOSITORY INSTITUTIONS:HIGH LEVEL OF EXCESS RESERVES

Jan-05Jul-0

5

Jan-06Jul-0

6

Jan-07Jul-0

7

Jan-08Jul-0

8

Jan-09Jul-0

9

Jan-10Jul-1

0

Jan-11Jul-1

1

Jan-12Jul-1

2

Jan-13Jul-1

3

Jan-14Jul-1

4$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

SERIES: Excess Reserves of Depository Institutions SOURCE: Federal Reserve Bank of Saint Louis

$ BILLIONS

2009

/01

2009

/05

2009

/09

2010

/01

2010

/05

2010

/09

2011

/01

2011

/05

2011

/09

2012

/01

2012

/05

2012

/09

2013

/01

2013

/05

2013

/09

2014

/01

2014

/05

2014

/09

8.28

.14

9.25

.14

0%

1%

2%

3%

4%

5%

6%

FRMARM

MORTGAGE RATES

January 2009 – August 2014

MONTHLY WEEKLY

SERIES: 30Yr FRM, 1Yr ARMSOURCE: Federal Home Loan Mortgage Corporation

LOAN OFFICERS SURVEY SAY LENDING STANDARDS ARE EASING

2007

Q2

2007

Q4

2008

Q2

2008

Q4

2009

Q2

2009

Q4

2010

Q2

2010

Q4

2011

Q2

2011

Q4

2012

Q2

2012

Q4

2013

Q2

2013

Q4

2014

Q2-80

-60

-40

-20

0

20

40

60

80

100tightening standards for prime mortgage loans

stronger demand for prime mortgage loansNet Percentage

SERIES: Loan Officer SurveySOURCE: US Board of Governors of the Federal Reserve System

LOOSENED CREDIT REQUIREMENTS:

FICO Scores Trending Down Since 2012

SERIES: Average FICO Score on Closed LoansSOURCE: Ellie Mae

Aug-1

1

Oct-1

1

Dec-1

1

Feb-

12

Apr-1

2

Jun-

12

Aug-1

2

Oct-1

2

Dec-1

2

Feb-

13

Apr-1

3

Jun-

13

Aug-1

3

Oct-1

3

Dec-1

3

Feb-

14

Apr-1

4

Jun-

14

Aug-1

4710

720

730

740

750

760

SAY WHAT?

#4 HOUSING AFFORDABILITY

REAL ENEMY OF THE FUTURE OF CALIFORNIA?• Housing Affordability• The Achilles Heel of the California

Economy• What happens when housing costs are

too high? • Impact on jobs and economic growth• Impact on neighborhoods and family

stability

HOUSING AFFORDABILITY DOWN SHARPLY SINCE Q1 2012

0%

10%

20%

30%

40%

50%

60%

70%

80%

30%

57%

CA US

% OF HOUSEHOLDS THAT CAN BUY

SERIES: Housing Affordability Index of Traditional BuyersSOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

HOMEOWNERSHIP RATES

California Vs. U.S.

19841986

19881990

19921994

19961998

20002002

20042006

20082010

20120%

10%

20%

30%

40%

50%

60%

70%

80% CA US

SERIES: Homeownership RatesSOURCE: U.S. Census Bureau

HOMEOWNERSHIP RATE BY AGE OF HOUSEHOLDER

SOURCE: Census Bureau

INCOME REQUIRED TO BUY A MEDIAN-PRICED HOME IN CA: (PEAK VS. CURRENT)

2012 Q1 2014 Q2$0

$20,000

$40,000

$60,000

$80,000

$100,000

$56,324

$93,593• Change in minimum required income:

$37,269

• Increase in income attributed to interest rate increase: $836 (2.2% of total change)

• Increase in income attributed to price increase : $36,433 (97.8% of total change)

SERIES: Housing Affordability IndexSOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

DROP IN INCOME CONTRIBUTED TO THE DECLINE IN HAI

2012 Q1 2014 Q20

10

20

30

40

50

6056

30

• HAI declined from 56 to 30 from 2012 Q1 to 2014 Q2

• Median household income slipped from $58,553 in 2012 to $58,504 in 2014

• The decline in household income alone led HAI to drop by about 2 index points.


HOUSING AFFORDABILITY:BAY AREA

S.F. Bay Area

Alameda

Contra-Costa (Central County)

Marin

Napa

San Francisco

San Mateo

Santa Clara

Solano

Sonoma

0 10 20 30 40 50 60 70 80 90

Q2/2014 Q1/2012


HOUSING AFFORDABILITY: CENTRAL VALLEY

Fresno

Kings

Madera

Merced

Placer

Sacramento

Tulare

0 10 20 30 40 50 60 70 80 90

Q2/2014 Q1/2012


HOUSING AFFORDABILITY: SO CAL

Los Angeles Metro

Inland Empire

Los Angeles

Orange

Riverside

San Bernardino

San Diego

Ventura

Santa Barbara

0 10 20 30 40 50 60 70 80 90

Q2/14 Q1/2012


HOUSING AFFORDABILITY INDEX

What Will Happen When MORTGAGE RATES Increase?

3.00% 3.50% 4.00% 4.50% 5.00% 5.50% 6.00% 6.50%0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

35%34%

32%29% 27% 26%

24%22%

Q2-2014 Median Price $457,140

20% Down payment

INTEREST RATE

% OF HOUSEHOLDS THAT CAN BUY, ALL ELSE CONSTANT


MEDIAN MONTHLY MORTGAGE PAYMENT

What Will Happen When Mortgage Rates Increase?

3.00% 3.50% 4.00% 4.50% 5.00% 5.50% 6.00% 6.50%$0

$400

$800

$1,200

$1,600

$2,000

$2,400

$1,542$1,642

$1,746 $1,853$1,963

$2,076$2,193

$2,312

INTEREST RATE

MONTHLY MORTGAGE



20% Down payment

MINIMUM QUALIFYING INCOME

What Will Happen When Mortgage Rates Increase?

3.00% 3.50% 4.00% 4.50% 5.00% 5.50% 6.00% 6.50%$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$82,703$86,717

$90,867 $95,149$99,557

$104,087$108,734

$113,490

INTEREST RATE

MONTHLY MORTGAGE



20% Down payment

MEDIAN CA HOUSE PAYMENT WELL BELOW PEAK

Jan-80Feb-80Mar-80Apr-80May-80Jun-80Jul-80Aug-80Sep-80Oct-80Nov-80Dec-80Jan-81Feb-81Mar-81Apr-81May-81Jun-81Jul-81Aug-81Sep-81Oct-81Nov-81Dec-81Jan-82Feb-82Mar-82Apr-82May-82Jun-82Jul-82Aug-82Sep-82Oct-82Nov-82Dec-82Jan-83Feb-83Mar-83Apr-83May-83Jun-83Jul-83Aug-83Sep-83Oct-83Nov-83Dec-83Jan-84Feb-84Mar-84Apr-84May-84Jun-84Jul-84Aug-84Sep-84Oct-84Nov-84Dec-84Jan-85Feb-85Mar-85Apr-85May-85Jun-85Jul-85Aug-85Sep-85Oct-85Nov-85Dec-85Jan-86Feb-86Mar-86Apr-86May-86Jun-86Jul-86Aug-86Sep-86Oct-86Nov-86Dec-86Jan-87Feb-87Mar-87Apr-87May-87Jun-87Jul-87Aug-87Sep-87Oct-87Nov-87Dec-87Jan-88Feb-88Mar-88Apr-88May-88Jun-88Jul-88Aug-88Sep-88Oct-88Nov-88Dec-88Jan-89Feb-89Mar-89Apr-89May-89Jun-89Jul-89Aug-89Sep-89Oct-89Nov-89Dec-89Jan-90Feb-90Mar-90Apr-90May-90Jun-90Jul-90Aug-90Sep-90Oct-90Nov-90Dec-90Jan-91Feb-91Mar-91Apr-91May-91Jun-91Jul-91Aug-91Sep-91Oct-91Nov-91Dec-91Jan-92Feb-92Mar-92Apr-92May-92Jun-92Jul-92Aug-92Sep-92Oct-92Nov-92Dec-92Jan-93Feb-93Mar-93Apr-93May-93Jun-93Jul-93Aug-93Sep-93Oct-93Nov-93Dec-93Jan-94Feb-94Mar-94Apr-94May-94Jun-94Jul-94Aug-94Sep-94Oct-94Nov-94Dec-94Jan-95Feb-95Mar-95Apr-95May-95Jun-95Jul-95Aug-95Sep-95Oct-95Nov-95Dec-95Jan-96Feb-96Mar-96Apr-96May-96Jun-96Jul-96Aug-96Sep-96Oct-96Nov-96Dec-96Jan-97Feb-97Mar-97Apr-97May-97Jun-97Jul-97Aug-97Sep-97Oct-97Nov-97Dec-97Jan-98Feb-98Mar-98Apr-98May-98Jun-98Jul-98Aug-98Sep-98Oct-98Nov-98Dec-98Jan-99Feb-99Mar-99Apr-99May-99Jun-99Jul-99Aug-99Sep-99Oct-99Nov-99Dec-99Jan-00Feb-00Mar-00Apr-00May-00Jun-00Jul-00Aug-00Sep-00Oct-00Nov-00Dec-00Jan-01Feb-01Mar-01Apr-01May-01Jun-01Jul-01Aug-01Sep-01Oct-01Nov-01Dec-01Jan-02Feb-02Mar-02Apr-02May-02Jun-02Jul-02Aug-02Sep-02Oct-02Nov-02Dec-02Jan-03Feb-03Mar-03Apr-03May-03Jun-03Jul-03Aug-03Sep-03Oct-03Nov-03Dec-03Jan-04Feb-04Mar-04Apr-04May-04Jun-04Jul-04Aug-04Sep-04Oct-04Nov-04Dec-04Jan-05Feb-05Mar-05Apr-05May-05Jun-05Jul-05Aug-05Sep-05Oct-05Nov-05Dec-052006 Q12006 Q22006 Q32006 Q42007 Q12007 Q22007 Q32007 Q42008 Q12008 Q22008 Q32008 Q42009 Q12009 Q22009 Q32009 Q42010 Q12010 Q22010 Q32010 Q42011 Q12011 Q22011 Q32011 Q42012 Q12012 Q22012 Q32012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q2 $-

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000


PITI/Month

Peak: $3,668/mo (2007 Q2)

Latest: $2,340/mo (2014 Q2)

… MINIMUM QUALIFYING INCOME BELOW PEAK

Jan-80Feb-80Mar-80Apr-80May-80Jun-80Jul-80Aug-80Sep-80Oct-80Nov-80Dec-80Jan-81Feb-81Mar-81Apr-81May-81Jun-81Jul-81Aug-81Sep-81Oct-81Nov-81Dec-81Jan-82Feb-82Mar-82Apr-82May-82Jun-82Jul-82Aug-82Sep-82Oct-82Nov-82Dec-82Jan-83Feb-83Mar-83Apr-83May-83Jun-83Jul-83Aug-83Sep-83Oct-83Nov-83Dec-83Jan-84Feb-84Mar-84Apr-84May-84Jun-84Jul-84Aug-84Sep-84Oct-84Nov-84Dec-84Jan-85Feb-85Mar-85Apr-85May-85Jun-85Jul-85Aug-85Sep-85Oct-85Nov-85Dec-85Jan-86Feb-86Mar-86Apr-86May-86Jun-86Jul-86Aug-86Sep-86Oct-86Nov-86Dec-86Jan-87Feb-87Mar-87Apr-87May-87Jun-87Jul-87Aug-87Sep-87Oct-87Nov-87Dec-87Jan-88Feb-88Mar-88Apr-88May-88Jun-88Jul-88Aug-88Sep-88Oct-88Nov-88Dec-88Jan-89Feb-89Mar-89Apr-89May-89Jun-89Jul-89Aug-89Sep-89Oct-89Nov-89Dec-89Jan-90Feb-90Mar-90Apr-90May-90Jun-90Jul-90Aug-90Sep-90Oct-90Nov-90Dec-90Jan-91Feb-91Mar-91Apr-91May-91Jun-91Jul-91Aug-91Sep-91Oct-91Nov-91Dec-91Jan-92Feb-92Mar-92Apr-92May-92Jun-92Jul-92Aug-92Sep-92Oct-92Nov-92Dec-92Jan-93Feb-93Mar-93Apr-93May-93Jun-93Jul-93Aug-93Sep-93Oct-93Nov-93Dec-93Jan-94Feb-94Mar-94Apr-94May-94Jun-94Jul-94Aug-94Sep-94Oct-94Nov-94Dec-94Jan-95Feb-95Mar-95Apr-95May-95Jun-95Jul-95Aug-95Sep-95Oct-95Nov-95Dec-95Jan-96Feb-96Mar-96Apr-96May-96Jun-96Jul-96Aug-96Sep-96Oct-96Nov-96Dec-96Jan-97Feb-97Mar-97Apr-97May-97Jun-97Jul-97Aug-97Sep-97Oct-97Nov-97Dec-97Jan-98Feb-98Mar-98Apr-98May-98Jun-98Jul-98Aug-98Sep-98Oct-98Nov-98Dec-98Jan-99Feb-99Mar-99Apr-99May-99Jun-99Jul-99Aug-99Sep-99Oct-99Nov-99Dec-99Jan-00Feb-00Mar-00Apr-00May-00Jun-00Jul-00Aug-00Sep-00Oct-00Nov-00Dec-00Jan-01Feb-01Mar-01Apr-01May-01Jun-01Jul-01Aug-01Sep-01Oct-01Nov-01Dec-01Jan-02Feb-02Mar-02Apr-02May-02Jun-02Jul-02Aug-02Sep-02Oct-02Nov-02Dec-02Jan-03Feb-03Mar-03Apr-03May-03Jun-03Jul-03Aug-03Sep-03Oct-03Nov-03Dec-03Jan-04Feb-04Mar-04Apr-04May-04Jun-04Jul-04Aug-04Sep-04Oct-04Nov-04Dec-04Jan-05Feb-05Mar-05Apr-05May-05Jun-05Jul-05Aug-05Sep-05Oct-05Nov-05Dec-052006 Q12006 Q22006 Q32006 Q42007 Q12007 Q22007 Q32007 Q42008 Q12008 Q22008 Q32008 Q42009 Q12009 Q22009 Q32009 Q42010 Q12010 Q22010 Q32010 Q42011 Q12011 Q22011 Q32011 Q42012 Q12012 Q22012 Q32012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q2 $-

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

$160,000

Min. IncomePeak: $146,701/yr (2007 Q2)

Latest: $93,593/yr (2014 Q2)


SHARE OF FIRST-TIME BUYERS UP BUT STILL BELOW LONG-RUN AVERAGE

2005 2006 2007 2008 2009 2010 2011 2012 2013 20140%

10%

20%

30%

40%

50%

28.1%30.5%

% First-Time Home Buyers Long Run Average

Long Run Average = 38%

QUESTION: Was the buyer a first-time buyer?SERIES: 2014 Housing Market SurveySOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

FIRST-TIME BUYERS GETTING OLDER

2005 2006 2007 2008 2009 2010 2011 2012 2013 20140

10

20

30

40

50

60

43

35

47

All Buyers First-Time Buyers Repeat Buyers

SERIES: 2014 C.A.R. Annual Housing Market SurveySOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Years

#5 2014 CA HOUSING MARKET

SURVEY

MULTIPLE OFFERS DECLINE WITH LESS INTENSE MARKET COMPETITION IN 2014AFTER PEAKING IN 2013

2005 2006 2007 2008 2009 2010 2011 2012 2013 20140%

10%

20%

30%

40%

50%

60%

70%

80%

0

1

2

3

4

5

6

772%

53%5.7

4.3

% with Multiple Offers# of Multiple offers (Average)

SERIES: 2013 Housing Market SurveySOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

0%

10%

20%

30%

40%

50%

60%

50%

33%

% of Sales above Asking Price


FEWER HOMES SOLD ABOVE THE ASKING PRICE AS MARKET COMPETITION COOLED IN 2014

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

0

2

4

6

8

10

12

14

16

Med. Price Discount

Med. Weeks on MLS

0%, 2.1 weeks

Median Price Discount & Weeks on Market

QUESTION: What was the original list sales price of the property? What was the final sales price of the property? How many weeks did the property remain on the MLS?SERIES: 2014 Housing Market SurveySOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

FEWER HOMES SOLD ABOVE ASKING IN 2014

20% or more

10% to 19.99%

5% to 9.99%

Less than 5%

0% 10% 20% 30% 40% 50% 60%

7%

11%

28%

54%

Amt. of Price Reduction

49%

18%

33%

Sale Price to Asking Price

Below Asking Price At Asking Price

Above Asking Price


Median Reduction = 4.5% of List Price

IN 2009 OVER 2/3 SOLD BELOW ASKING PRICE

20% or more

10% to 19.99%

5% to 9.99%

Less than 5%

0% 5% 10% 15% 20% 25% 30% 35%

24%

23%

23%

30%

Amt. of Price Reduction

69%

8%

23%

Sale Price to Asking Price

Below Asking Price At Asking Price

Above Asking Price


Median Reduction = 9.1% of List Price

SHARE OF CASH BUYERS IS THE LOWEST SINCE 2009

2005 2006 2007 2008 2009 2010 2011 2012 2013 20140%

5%

10%

15%

20%

25%

30%

35%

27%

22%

% of All Cash Sales


SHARE OF FHA STILL SIGNIFICANTLY HIGHER THAN 2007, BUT WAS THE LOWEST IN 7 YEARS (FIRST MORTGAGE)

2005 2006 2007 2008 2009 2010 2011 2012 2013 20140%

10%

20%

30%

40%

16%

7%

FHA VA

QUESTION: Please indicate the type of mortgage.SERIES: 2013 Housing Market SurveySOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

INVESTMENT HOMES : 15% MARKET SHARE

19992000200120022003200420052006200720082009201020112012201320140%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20% 19%

15%

Long Run Average: 12 %


BUYING TO RENT V. FLIP; CHANGE IN PREFERRED INVESTMENT STRATEGY

2013: 18%

2014: 30%

2013: 82%

2014: 70%

Investment to Flip

Rental Property


SHARE OF INTERNATIONAL BUYERS OFF FROM 2013, 2ND HIGHEST IN THE LAST 6 YEARS

2008 2009 2010 2011 2012 2013 20140%

1%

2%

3%

4%

5%

6%

7%

8%

9%

8%

6%

QUESTION: Was the buyer an international buyer – a person who was a citizen of another country who wished to purchase residential real estate in the U.S.?SERIES: 2014 Housing Market SurveySOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

INTERNATIONAL BUYERS: CHINA!

• China (36%)

• Canada (10%)

• India (12%)


SHARE OF FIRST-TIME BUYERS UP BUT STILL BELOW LONG-RUN AVERAGE

2005 2006 2007 2008 2009 2010 2011 2012 2013 20140%

10%

20%

30%

40%

50%

28.1%30.5%

% First-Time Home Buyers Long Run Average


QUESTION: Was the buyer a first-time buyer?SERIES: 2014 Housing Market SurveySOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

19881990

19921994

19961998

20002002

20042006

20082010

20120

50,000

100,000

150,000

200,000

250,000

300,000 Single Family Multi-Family

CA PERMITS UP BUT MORE UNITS NEEDED

2013: 57,496 Units, Up 43.0% from 2012

Household Growth: 220,000-250,000/yr

SERIES: New Housing PermitsSOURCE: Construction Industry Research Board

#6 REGIONAL HOUSING MARKETS

2014 CA SALES YTD

SERIES: Year to Date Sales of Existing Detached HomesSOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

SERIES: Year to Year Median Price of Existing Detached HomesSOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

2014 CA MEDIAN PRICE YTY


NORTHERN CA SALES

NORTHERN CA PRICES


NORTHERN WINE SALES


NORTHERN WINE PRICES


BAY AREA SALES


BAY AREA PRICES


CENTRAL VALLEY SALES


CENTRAL VALLEY PRICES


CENTRAL COAST SALES


CENTRAL COAST PRICES


SOUTHERN CA SALES


SOUTHERN CA PRICES


#7 THE MILLENNIALS & THE FUTURE OF

HOMEOWNERSHIP

HOMEOWNERSHIP RATES BY AGE

California (2010 Census)

15-24 25-34 35-44 45-54 55-64 65-74 75-84 85+0%

10%

20%

30%

40%

50%

60%

70%

80%

12%

28%

49%

62%

70%74% 74%

66%

SERIES: Homeownership RatesSOURCE: U.S. Census Bureau

HOMEOWNERSHIP RATE BY AGE OF HOUSEHOLDER


MILLENNIAL HOMEOWNERSHIP FALLING


YOUNGER BUYERS CONTINUE TO DECLINE

20022003200420052006200720082009201020112012201320140%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Refused65+55-6445-5435-4425-34Under 25

Question: What is your age?SERIES: 2014 C.A.R. Home Buyers SurveySOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

¾ MILLENNIALS NOT MARRIED

SOURCE: C.A.R. 2014 Millennial SurveyQ: What is your marital status

Married 26%

Single 50%

In a com-mitted re-lationship

23%

Other 2%

CA MILLENNIAL ETHNICITY

SOURCE: C.A.R. 2014 Millennial SurveyQ: What is your ethnicity?

African Amer-ican

Asian Caucasian/ White

Hispanic/ Latino

Other0%

5%

10%

15%

20%

25%

30%

35%

40%

7%

18%

38%

35%

4%

YOUNGER MILLENNIALS – GREATER DIVERSITY

SOURCE: C.A.R. 2014 Millennial SurveyQ: What is your ethnicity?

African American

Asian Caucasian/ White

Hispanic/ Latino

Other0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

18-2627-34AllCA

2009 2010 2011 2012 2009 - 2012

-200,000

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

-5,485

165,105223,058

575,156

957,834

Households not formed

# OF HOUSEHOLDS LOST SINCE THE GREAT RECESSION

SOURCE: California Dept. of Finance; compiled by C.A.R.

SHARE OF YOUNG ADULTS LIVING WITH PARENTS

SERIES: Share of Young Adults Living ParentsSOURCE: U.S, Census, PUMS, ACS, NAHB Estimates.

STUDENT LOAN DEBT: OVER-RATED & REAL

Yes; 23%

No; 75%

Refused; 2%

Student Loan Debt

<$10,000

$10-$20K

$20-$50K

$50-$100K

> $100K

Refused

78%

8%

6%

3%

2%

2%

Amount of Debt

Question: Do you have any outstanding debt from student loans? How much is the outstanding student loan debt? SERIES: 2014 C.A.R. Home Buyers SurveySOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

BUYERS: MANY DID NOT BUY SOONER BECAUSE OF LACK OF URGENCY & UNCERTAINTY

SOURCE: C.A.R. 2014 Millennial SurveyQ: Why didn’t you buy sooner?

Other

Difficulty qualifying for mortgage

Needed to sell existing home first

Not many good housing options

Waited until finances improved

Needed to save for down payment

Waited to see when prices would stabilize

No buying urgency

0% 5% 10% 15% 20% 25% 30% 35%

5%

7%

8%

26%

26%

27%

32%

33%

RENTERS: MAJORITY RENT BECAUSE THEY CANT AFFORD TO BUY

SOURCE: C.A.R. 2014 Millennial SurveyQ: Why do you rent instead of own?

Other

Believe housing market will decline in the near future

No interest in buying

Don't want the responsibility of owning

Don't have a job

Enjoy the flexibility/freedom of renting

Too costly to maintain property as owner

Can't qualify for a mortgage

Don't have a down payment

It's easier to rent

Not ready to buy

Can't afford to buy

0% 10%20%30%40%50%60%70%80%

2%4%

7%9%

10%

15%

16%

17%

20%

24%

37%

67%

FORMER OWNERS: MANY SOLD HOME BECAUSE OF FINANCIAL DISTRESS

SOURCE: C.A.R. 2014 Millennial SurveyQ: Why did you sell your previous home?

Other

Believe housing market is going down

Recent rise in home values

Opted to become a renter

Needed to move for work

Needed to move for family reasons

Financial distress

0% 10% 20% 30% 40%

12%

2%

7%

10%

22%

24%

39%

MOST UNCERTAIN/DOUBTFUL THAT THEY COULD OBTAIN A MORTGAGE NOW?AMILLENNIAL ETHNICITY

SOURCE: C.A.R. 2014 Millennial SurveyQ: Could you obtain a mortgage if you applied now ?

Yes 22%

No 33%

Don't know 45%

PEOPLE WOULD PREFER THE FOLLOWING OVER GOING THROUGH THE HOME MORTGAGE PROCESS AGAIN:

SOURCE: Guaranteed Rate Mortgage Survey of 1,000 adults 25 and older USA Today April 2014

ATTITUDE TOWARD THE HOME BUYING PROCESS – MIXED RESULTS

SOURCE: How would you describe your attitude towards the home buying process?C.A.R. 2014 Millennial Survey

Positive Negative Neutral N/A Other0%

10%

20%

30%

40%

50%

60%50%

34%

8%4%

4%

#8 MACRO ECONOMIC

ENVIRONMENT

2005

2007

2009

2011

2013

Q3-10

Q1-11

Q3-11

Q1-12

Q3-12

Q1-13

Q3-13

Q1-14

-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

ECONOMY GAINING MOMENTUM 2014 2.0%

2013: 1.9%; 2014 Q2: 4.5% ANNUAL PERCENT CHANGE, CHAIN-TYPE (2005) $

ANNUALLY QUARTERLY

2009 Largest Annual Drop since 1938 (-3.4%)

SERIES: GDPSOURCE: US Dept. of Commerce, Bureau of Economic Analysis

US UNEMPLOYMENT RATE BELOW 6%

CA - 7.4% (Aug. 2014) vs. US - 5.9% (Sep. 2014)

Jan-

05

Jul-0

5

Jan-

06

Jul-0

6

Jan-

07

Jul-0

7

Jan-

08

Jul-0

8

Jan-

09

Jul-0

9

Jan-

10

Jul-1

0

Jan-

11

Jul-1

1

Jan-

12

Jul-1

2

Jan-

13

Jul-1

3

Jan-

14

Jul-1

4-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14% US-CA CA US

SERIES: Unemployment RateSOURCE: US Bureau of Labor Statistics, CA Employment Development Division

PERCENT JOB LOSSES PRIOR RECESSIONS – RECENT CYCLE WORST BY FAR

US V CA JOB GROWTH

ANNUAL PERCENT CHANGE

SERIES: Total Nonfarm EmploymentSOURCE: US Bureau of Labor Statistics, CA Employment Development Division

Jan-

05

Jul-0

5

Jan-

06

Jul-0

6

Jan-

07

Jul-0

7

Jan-

08

Jul-0

8

Jan-

09

Jul-0

9

Jan-

10

Jul-1

0

Jan-

11

Jul-1

1

Jan-

12

Jul-1

2

Jan-

13

Jul-1

3

Jan-

14

Jul-1

4-8

-6

-4

-2

0

2

4 California US

JOB TRENDS BY CALIFORNIA METRO AREA

Orange County

Modesto

Sacramento

Bakersfield

Fresno MSA

San Jose

0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5%

1.2%

1.2%

1.3%

1.3%

2.0%

2.2%

2.2%

2.2%

2.4%

2.6%

3.2%

3.3%

SERIES: Total Nonfarm Employment SOURCE: CA Employment Development Division


August 2014: CA +1.7%, +291,700

CALIFORNIA JOB CHANGES BY INDUSTRY

SERIES: Total Nonfarm Employment By IndustrySOURCE: US Bureau of Labor Statistics, CA Employment Development Division

August 2014: CA +1.7%, +291,700ANNUAL PERCENT CHANGE

Finance & InsuranceTransportation, Warehousing & Utilities

Nondurable GoodsGovernment

Durable GoodsHealth Care & Social Assistance

Wholesale TradeRetail Trade

Real Estate & Rental & LeasingLeisure & HospitalityEducational Services

InformationProfessional, Scientific & Technical Services

Admistrative & Support & Waste ServicesConstruction

-3% -2% -1% 0% 1% 2% 3% 4% 5% 6%

-2.2%-1.8%-1.7%

-0.2%0.7%0.8%

1.1%1.1%1.3%

2.7%3.3%

3.9%3.9%4.0%

5.2%

METRO COMMERCIAL SPACE VACANCY RATES

2014 Q2

SERIES: Commercial Vacancy RateSOURCE: National Association of REALTORS®

MSA Office Industrial Retail Multi-Family

Los Angeles 15.3% 3.8% 5.8% 3.1%

Oakland-East Bay 18.0% 9.3% 6.2% 2.7%

Orange County 16.8% 3.5% 5.3% 2.5%

Sacramento 20.7% 11.8% 11.6% 2.6%

San Bernardino/Riverside 23.6% 6.9% 10.1% 2.5%

San Diego 16.2% 6.7% 6.3% 2.6%

San Francisco 12.6% 10.9% 3.5% 3.0%

San Jose 18.1% 16.6% 4.5% 2.4%

Ventura 18.9% - 8.9% 2.8%

CONSUMER PRICE INDEX

August 2014: All Items +1.7% YTY; Core +1.7% YTY

Jan-

05

Jul-0

5

Jan-

06

Jul-0

6

Jan-

07

Jul-0

7

Jan-

08

Jul-0

8

Jan-

09

Jul-0

9

Jan-

10

Jul-1

0

Jan-

11

Jul-1

1

Jan-

12

Jul-1

2

Jan-

13

Jul-1

3

Jan-

14

Jul-1

4-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

6% All Items Core


SERIES: Consumer Price IndexSOURCE: US Bureau of Labor Statistics

CONSUMER CONFIDENCE: UNCERTAINTY

September 2013: 79.7INDEX, 100=1985

SERIES: Consumer ConfidenceSOURCE: The Conference Board

Jan-

05

Jul-0

5

Jan-

06

Jul-0

6

Jan-

07

Jul-0

7

Jan-

08

Jul-0

8

Jan-

09

Jul-0

9

Jan-

10

Jul-1

0

Jan-

11

Jul-1

1

Jan-

12

Jul-1

2

Jan-

13

Jul-1

3

Jan-

14

Jul-1

40

20

40

60

80

100

120

U.S. ECONOMIC FORECAST

SERIES: CA Housing Market OutlookSOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Gross Domestic Product

Nonfarm Job Growth

Unemployment Rate

Consumer Price Index

Real Disposable Income, % Change

2011

1.8%

1.2%

8.9%

3.1%

1.3%

2012

2.8%

1.7%

8.1%

2.1%

1.5%

2013

1.9%

1.7%

7.4%

1.5%

0.7%

2014 P

2.2%

1.8%

6.2%

2.0%

2.6%

2015 F

3.0%

2.2%

5.8%

2.2%

2.6%

CALIFORNIA ECONOMIC FORECAST


Nonfarm Job Growth

Unemployment Rate

Population Growth

Real Disposable Income, % Change

2011

1.1%

11.8%

0.7%

1.9%

2012

2.4%

10.4%

0.7%

1.1%

2013

3.0%

8.9%

0.9%

0.9%

2014 P

2.2%

7.5%

0.9%

3.0%

2015 F

2.4%

6.7%

0.9%

3.8%

#9 PUBLIC POLICY

LEGISLATIVE & REGULATORY PRESSURES ABOUND AT ALL LEVELS OF GOVERNMENTLocal:

– Point of Sale– Business License Tax– Transfer Taxes

State: – Affordable Housing, not Homeownership– Attacks on Ellis Act., Costa-Hawkins– Fiscal and Taxation Threats– Anti-speculation Tax (SF)

LEGISLATIVE & REGULATORY PRESSURES ABOUND AT ALL LEVELS OF GOVERNMENTFederal:

– GSE’s: Future of Fannie & Freddie – FHA – Fees & Loan Limits – Mortgage Interest Deduction– Flood Insurance– Taxation

FANNIE & FREDDIE ARE THE MARKET

Source: LPS

#10 WILD CARDS

REALITY: WORLD OF UNCERTAINTY

– Stock market volatility– Slower growth: China & Europe– Geo-political tensions– Terrorism– Bio-terrorism– Natural Disasters – 2014 mid-term elections

2015 FORECAST

CALIFORNIA HOUSING MARKET FORECAST


SFH Resales (000s)

% Change

Median Price ($000s)

% Change

Housing Affordability Index

30-Yr FRM

2011

422.6

1.4%

$286.0

-6.2%

53%

4.5%

2012

439.8

4.1%

$319.3

11.6%

51%

3.7%

2013

413.3

-5.8%

$407.2

27.5%

36%

4.0%

2014 P

380.5

-8.2%

$455.0

11.8%

30%

4.3%

2015 F

402.5

5.8%

$478.7

5.2%

27%

4.5%

CALIFORNIA HOUSING MARKET OUTLOOK• Sales Down for 2014 but will Improve in

2015; Price Gains Slowing

Units (Thousand)

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014p

2015f

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

380,470402,540

Sales of Existing Detached Homes

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014p

2015f

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$455,030

$478,690

Median PricePrice

(Thousand)


CA: DOLLAR VOLUME UP FOR 4TH YEAR

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014p 2015f$0

$50

$100

$150

$200

$250

$300

$350

$400

-40%

-30%

-20%

-10%

0%

10%

20%

30%

$301

$244

$164 $133 $131 $127 $121

$140 $169 $173

$193

$ Volume of Sales Percent Change

% Change$ in Billion

-60%


• Up 2.7% in 2014, Up 11.3% in 2015

MARKET OPPORTUNITIES

2015

OPPORTUNITIES TO EXPAND YOUR BUSINESS

• Connect with the IPO crowd – Twitter IPO created 1400 millionaires

• Educate Under-informed Potential Buyers• Begin conversations with Millennials• Connect with Boomerang Buyers• Connect with International buyers • Support local and state efforts to build!• Dress up and get out there!

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MOMRTGAGE RESOURCE DIRECTORYKNOW YOUR TOOLS! MORTGAGE.CAR.ORG

OUTLOOK

THE TRUTH

“There will be enough transactions in 2015

for you to have a great year.”

THE ECONOMY OF LOVE

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2015 california economic & market forecast october 9,2014 expo - anaheim convention center...

Documents

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